China Construction Bank Raises Mortgage Rates

Updated Oct. 17, 2011 12:05 a.m. ET

BEIJING—The Beijing branches of
China Construction Bank
Corp.
, the country's largest mortgage lender by assets, have raised the mortgage rates for first-time home buyers, the state-run Xinhua news agency reported Sunday, citing an unidentified official at the bank.

Opinion

Many banks in China's major cities stopped offering discounts on mortgage loans for first-time home buyers early this year, as lending curbs imposed by the authorities have limited the amount of loans banks can extend.

The state-controlled bank's move signaled that the government will stick with policies aimed at reining in the property sector, Xinhua said, citing a government think tank.

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